Well, that didn't last long. Wall Street quickly recovered from Wednesday's day of losses, with all three major averages posting renewed gains on Thursday. Stock futures were trending lower again Friday morning, but the Dow, S&P 500 and Nasdaq are all on track for eight straight winning weeks. This strike would be a first for the S&P 500 since 2017 and for the Dow since 2019. The S&P 500 is up 0.58% this week, while the Dow is up 0.27%. The Nasdaq rose 1% in that period. Follow live market updates.
People walk past a Nike sports store at a shopping complex in Beijing, China, March 25, 2021.
Florence Lo | Reuters
Nike shares fell 10% in extended trading after the retailer said it would cut $2 billion in costs over the next three years. The sneaker giant also lowered its revenue forecast for the fiscal year, expecting growth of about 1%, whereas it had previously expected mid-single-digit growth. Nike hopes to reduce costs by simplifying its product line, increasing automation, reducing administrative layers and leveraging its scale “to increase efficiency.” The plan will cost the company between $400 million and $450 million in pretax restructuring costs, largely related to employee severance costs, Nike said.
Passage under the El Qantara cable-stayed bridge that spans the Suez Canal. It is the result of cooperation between Japan and Egypt. on January 20, 2017 in the Suez Canal, Red Sea, Egypt.
Camille Delbos | Corbis news | Getty Images
Supply chain concerns have returned in a new way. Freight prices are rising rapidly as sea freight ships leave the Red Sea due to ongoing Houthi attacks. Just as the global supply chain appeared to have recovered from inflation triggered by the Covid-19 pandemic, sea freight rates on some trade routes are rising by 40%. As of Thursday morning, 158 ships carrying cargo worth an estimated $105 billion were on diversion from the Rea Sea. Logistics CEOs say if increased costs persist for a month or more, inflationary pressures will be felt and visible in the supply chain and eventually at the consumer level.
Former New York City Mayor Rudy Giuliani leaves U.S. District Court after being ordered to pay $148 million in his defamation case in Washington, United States, December 15, 2023.
Bonnie Cash | Reuters
“America's Mayor” has filed for bankruptcy protection. In a filing, Rudy Giuliani, the former mayor of New York City and lawyer for former President Donald Trump, estimated that he has assets worth between $1 million and $10 million but has debts between $100 million and $500 million. The move comes after he was recently awarded a nearly $150 million civil judgment for defaming election workers in Georgia as one of Trump's lawyers – and a day after a judge ordered him to stop paying out that amount to start. The list of unsecured creditors in the filing includes several other companies and individuals who are still suing him.
A Chick-fil-A meal is served at a Chick-fil-A restaurant in Novato, California on June 1, 2023.
Justin Sullivan | Getty Images
Chick-fil-A has the secret: customer loyalty that every other restaurant wants. It has become the country's leading fast-food chicken chain, surpassing Popeyes and KFC. It is also the third-largest restaurant chain in the United States by total sales (not just chicken restaurants), although it has fewer locations than Sonic Drive-In or Papa John's. Part of this success may be due to Americans eating more chicken, with annual consumption expected to continue to rise. Even McDonald's, which surpasses Chick-fil-A in sales and footprint, is betting on chicken to fuel growth.
— CNBC's Sarah Min, Jesse Pound, Gabrielle Fonrouge, Lori Ann LaRocco, Dan Mangan and Amelia Lucas contributed to this report.
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